US Becomes A Net Fossil Fuel Exporter

By Chris White , From The Daily Caller– Re-Blogged From WUWT

The United States notched the country’s first month of exporting more petroleum products than it imported, according to newly released federal data. The news comes as Democratic presidential candidates campaign on nixing fossil fuels.

The U.S. exported roughly 89,000 barrels of fossil fuels per day during September, according to data the Energy Information Administration (EIA) released Nov. 29. That’s the first full month the U.S. has exported more than it imported since the U.S. began tracking such data in 1949.

A decade-long increase in fracked gas production is fueling the numbers. Former presidents Jimmy Carter and Barack Obama, among others, spent years promising to make the U.S. energy independent. Presidential candidates from both parties made similar pitches throughout the years.

“This is a very big deal, not just rich in symbolism but marking a major and tangible benefit to the U.S. economy,” Daniel Yergin, vice chairman of IHS Markit, told reporters Tuesday. He authored a book “The Prize” in 2008 that fleshed out how big oil became a dominant form of energy.

He added: “It’s the end of an era that began with the oil crises of the 1970s.” Yergin was referring to the decade when Middle Eastern countries and giant oil cartels used their oil reserves as a weapon against Western nations.

The recent uptick in exports came as fracking of shale deposits stretching from Texas to New Mexico exploded over the last decade.

“Shale completely turned it around,” Yergin said. “The world has never seen growth at this scale this fast. It’s almost as though, in number of barrels, that the United States added a second Saudi Arabia within its own borders.” Obama can also claim some responsibility for the export uptick as well.

The former president signed legislation in late 2015 ending the decades-old ban on crude oil exports. U.S. oil production doubled between 2009, when Obama took office, to 2016, while natural gas production shot up 50 percent in that time. The boom took place on state and private lands.

Imports from OPEC fell to 1.5 million barrels per day in March, which is the lowest level since March 1986, the EIA reported in June. EIA said at the time that OPEC imports fell “as domestic crude oil production has increased.”

The U.S. became the world’s largest producer of fracked natural gas in 2012, surpassing Russia. Natural gas also passed coal as the country’s leading source of electricity in July 2017.

Meanwhile, many of the 2020 Democratic presidential candidates are campaigning on bludgeoning the oil industry.

Sen. Elizabeth Warren, for instance, introduced a bill in October that would, if passed, block construction on ports that export natural gas.

The Massachusetts Democrat pegged her 2020 presidential campaign on holding oil companies responsible for supposedly contributing to global warming. Warren has not responded to the Daily Caller News Foundation’s request for comment on her campaign’s anti-oil positions.

Sen. Bernie Sanders of Vermont is also campaigning against the oil industry.  “What we have to do is tell the fossil fuel industry that their short-term profits are not more important than the future of this planet,” he said during the fifth Democratic debate.

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Weekly Energy and Climate News Roundup #387

By Ken Haapala, President of SEPP – Re-Blogged From WUWT

Quote of the Week: “We know what’s happening now. It’s the past that keeps changing.” – Old Russian Joke

Number of the Week: 110 million people now drowning?

THIS WEEK:

By Ken Haapala, President, Science and Environmental Policy Project (SEPP)

Grim Future? Historical discussions of the human condition reveal that humans tend to identify themselves as members of like-minded groups. As discussed in the June 1 TWTW, in his farewell address, George Washington called such groups “factions.” Christopher Booker identified the common thinking of such factions as groupthink. In a post on his web site discussing Climategate, Roy Spencer addresses this issue stating that one of the few scientists who changed their mind after Climategate was Judith Curry: “She is now a well-informed and unabashed skeptic of the modern tendency to blame every bad weather event on humans.” He goes on to write:

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Fracking is Saving Families $2,500 Annually

By Tim Benson, The Heartland Institute – Re-Blogged From WUWT

A report released in October 2019 by the White House Council of Economic Advisors (CEA) estimates increased oil and natural gas production from hydraulic fracturing  (“fracking”) saves American families $203 billion annually on gasoline and electricity bills. This breaks down to $2,500 in savings per family per year.

“From 2007 to 2019, innovation in shale production brought an eight-fold increase in extraction productivity for natural gas and a nineteen-fold increase for oil,” the report states. “These productivity gains have reduced costs and spurred production to record-breaking levels. As a result, the United States has become the world’s largest producer of both commodities, surpassing Russia in 2011 (for natural gas) and Saudi Arabia and Russia in 2018 (for oil). CEA estimates that greater productivity has reduced the domestic price of natural gas by 63 percent as of 2018 and led to a 45 percent decrease in the wholesale price of electricity. Shale production has also reduced the global price of oil by 10 percent as of 2019.”

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The Brave New World of Ample Oil

By Tilak Doshi – Re-Blogged From WUWT

In the oil universe, the September 14th attack on Saudi Aramco’s oil facilities is comparable to the 9/11 attacks on the twin towers in New York City. Yet, the taking out of half of the Kingdom’s oil output led not to an oil shock but a whimper. Barely two weeks after the brazen attack, oil headlines were once again dominated by fears of over-supply and falling prices amidst a slowing global economy.  Following an initial 20% intra-day price surge after the attack, the benchmark Brent crude oil price quickly retraced its steps back down to pre-attack levels.

The US oil production surge benefits Asia

The shift from a perceived world of oil scarcity to abundance has been brought about in an astonishingly short period of time by the advent of the “fracking” revolution in the US. This combines horizontal drilling and hydraulically-fracturing shale rock with high-pressure liquids to extract “unconventional” oil and gas. In the past decade, US crude oil production more than doubled. By mid-2019, US production was rated at over 12 million b/d, surpassing Russian and Saudi Arabian output as the world’s largest.

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The Fossil Fuel Dilemma

By David L. Debertin, – Re-Blogged From WUWT

California again easily could become one of the top three fossil fuel producing states in the nation, but the largely liberal state has made drilling for fossil fuels within the state very difficult if not impossible. So the drillers have wisely looked elsewhere for locations that pose less of a political burden. North Dakota and its leaders welcomed the drillers. The result is tax dollars flowing into the state treasury from a variety of oil-related taxes levied not only on the drillers, but on individuals receiving mineral royalty income. In the past dozen years or so this has meant that taxpayers outside the oil producing counties have seen state-level taxes drop and the state can pursue projects that benefit the residents in a host of different ways simply by using funds that would not have been available had the drilling not occurred.

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Asians Better Hope It’s A Trump Win In 2020

By Tilak Doshi , originally posted at Forbes – Re-Blogged From WUWT

On my first day as president, I will sign an executive order that puts a total moratorium on all new fossil fuel leases for drilling offshore and on public lands. And I will ban fracking—everywhere.” So tweeted Elizabeth Warren, the likely Democratic presidential nominee. (Fracking combines horizontal drilling and hydraulically-fracturing shale rock with high-pressure liquids to force open existing fissures and extract “unconventional” oil and gas.) In the intention to ban all fracking in the US, she joins Senators Bernie Sanders and Kamala Harris, her fellow presidential candidate hopefuls. In the demonization of fossil fuels and support for some variant of the multi-trillion dollar “Green New Deal”, Warren is not alone among the candidates running in the Democratic presidential primary. Nearly every nominee for the Democratic primary, including the other leading contender Joe Biden, has signed on to Alexandria Ocasio-Cortez’s grand plan to save the planet from a 12-year deadline to global extinction.

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Liz Warren Is Introducing A New Bill Blocking Natural Gas Exports

By Chris White – Re-Blogged From WUWT

October 09, 2019 2:00 PM ET

Massachusetts’ past reliance on Russian natural gas to keep citizens warm in the winter could cause some damage to Sen. Elizabeth Warren, whose presidential campaign is tied to the anti-fracking movement.

Warren is introducing a bill Wednesday with fellow Massachusetts Democrat, Sen. Ed Markey, that would block construction on ports that export natural gas. She is pegging her campaign to ending oil as her state recovers from an energy crunch that tossed Massachusetts into the cold in 2018.

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